Blockchain Weekly Update 10.29–11.4

Weekly overview

Market review

As of 24:00 on November 4, the total market capitalization of cryptocurrency stabilized at 209.2 billion US dollars, and this stable tendency of market capitalization has been kept for two months. Specifically, last week, it only moved up by 0.05% compared to the data on October 28. We have reasons to believe that price stabilization behaviors of institutional investors engaging in might account for it which aimed to prevent significant declines in the market, so that the market capitalization remained at $209 billion. Although it showed a slight upward trend, there was no obvious sign of market changes. Exceptions were not caught by the 12 major cryptocurrencies last week as usual. The top 3 biggest winners were BCH, ADA and XMR, with increases of 27.74%, 9.54%, and 3.34% respectively in market capitalization.

In terms of trading volume, it was $79.1 billion, up 13.97% from last two weeks. As for 12 major cryptocurrencies, except XMR had a more than 20% drop-off in total trading volume, the other 11 major cryptocurrencies gained a different degree of increase last week. BCH, EOS, and ADA experienced the top three largest increase of 50.81%, 44.36%, and 32.47% among the 12 major cryptocurrencies, respectively.

From the number of Over-the-Counter active addresses and the amount of over-the-counter transactions in Bitcoin and Ethereum, people showed a little bit more interested in the cryptocurrency market last week. Since Bitcoin’s over-the-counter active address increased by 6.57%, and the number of transactions also rose by 9.74%. At the same time, Ethereum’s over-the-counter active address rose 0.16% from two weeks ago, and the number of transactions also rose by 5.28%.

Mining Technology News

BTC prices continuously fluctuate below $6,400. The average difficulty of mining per day doesn’t change much this week compared with that of the previous week, which was 7.184T in BTC that only floated up 0.01% from the previous week. Meanwhile, the same item data of Eth has declined slightly, with the weekly average from 3.110P to 3.051P, a decrease of 1.90% from the previous month. From the mining revenue angle, the average mining income of Bitcoin’s weekly computing unit (1THash/s) was about 0.222 US dollars, down 3.65% compared with the data two weeks ago. At the same time, the mining revenue of Ethereum was with a dip of 0.32%. The average revenue of Ethereum’s weekly computing unit (1MHash/s) was about US$0.0178.

The average transaction fee for Bitcoin showed a decline of 9.51% which sticks to the ongoing trends for the last two weeks, with an average transaction cost of $0.394. the transaction costs of Ethereum also fell by 10.26 %, compared to its data two weeks ago, and the average transaction cost of Ethereum last week was $0.145.

Weekly News Update

Last week on October 31, it was the 10-year anniversary of releasing the bitcoin white paper by the anonymous author Satoshi Nakamoto, but the price of bitcoin continued to range within a narrow range this week, trading around the $6450 level.

The Department of Federal Revenue of Brazil (RFB) said on October 30 that all crypto exchanges operating in Brazil now have to file reports on a monthly basis. The draft published by the RFB is perhaps the first step towards taxing cryptocurrency exchanges.

Asia, Hong Kong’s Securities and Exchange Commission (SFC) released a guidance on regulatory standards, saying “all licensed portfolio managers intending to invest in virtual assets should observe essentially the same regulatory requirements.” It indicated that crypto exchanges might be under SFC’s supervision more directly very soon.

Meanwhile, the Chinese retail company JD.com said that it is going to further its agenda by opening a joint research lab for blockchain technologies with the Ying Wu College of Computing at the New Jersey Institute of Technology (NJIT).

Analysis in detail

Part 1

As of 24:00 on November 4, the total market capitalization of cryptocurrency stabilized at 209.2 billion US dollars, and this stable tendency of market capitalization has been kept for two months.

Although it showed a slight upward trend, there was no obvious sign of market changes. Exceptions were not caught by the 12 major cryptocurrencies last week as usual. The top 3 biggest winners were BCH, ADA and XMR, with increases of 27.74%, 9.54% and 3.34% respectively in market capitalization.

In terms of trading volume, it was $79.1 billion, up 13.97% from last two weeks. As for 12 major cryptocurrencies, except XMR had a more than 20% drop-off in total trading volume, the other 11 major cryptocurrencies gained a different degree of increase last week. BCH, EOS, and ADA experienced the tope three largest increase of 50.81%, 44.36%, and 32.47% among the 12 major cryptocurrencies, respectively.

For public opinion, although the total market value of cryptocurrency was basically flat compared with the previous week, the public index began to rise. In terms of search volume, the search volume of‘Cryptocurrency’ last week has risen by 11.78%, but down by 75.24% compared with the highest point. At the same time, the search volume for ‘Blockchain’ has dropped by 15.89% compared with the previous week, and dropped by 84.67% compared with the highest point. Based on the Gyro Publicity Index and the analysis of the market, although the market value of cryptocurrency basically remains the same compared with the previous week, the public opinion has a certain degree of rebound in the discussion of cryptocurrency, but a certain degree of decline on blockchain technology.

According to statistics, the sum of market capitalization of the top 12 cryptocurrencies has exceeded 80% of the total market capitalization of the cryptocurrencies. Based on the statistics, Gyro Finance has taken October 31, 2017, as the benchmark data, the market capitalization data captured in the day as the benchmark market value, introducing the TL12 Index (the TL12 index on October 31 is 1000 points), to track the fluctuations of major cryptocurrencies.

Part 2

As of 24:00 on November 4, the total market capitalization of cryptocurrency stabilized at 209.2 billion US dollars, and this stable tendency of market capitalization has been kept for two months.

Specifically, last week, it only moved up by 0.05% compared to the data on October 28. We have reasons to believe that price stabilization behavior of institutional investors engaging in might account for it which aimed to prevent significant declines in the market, so that the market capitalization remained at $209 billion. Although it showed a slight upward trend, there was no obvious sign of market changes. Exceptions were not caught by the 12 major cryptocurrencies last week as usual. The top 3 biggest winners were BCH, ADA and XMR, with increases of 27.74%, 9.54% and 3.34% respectively in market capitalization.

In terms of trading volume, it was $79.1 billion, up 13.97% from last two weeks. As for 12 major cryptocurrencies, except XMR had a more than 20% drop-off in total trading volume, the other 11 major cryptocurrencies gained a different degree of increase last week. BCH, EOS, and ADA experienced the top three largest increase of 50.81%, 44.36%, and 32.47% among the 12 major cryptocurrencies, respectively.

Combined with various market indicators, the activity in market has been risen compared with the previous week data due to the rebound in the market.

Hashrate of BTC and ETH fell slightly, the difficulty of BTC mining remained basically the same, and the difficulty of ETH mining continued to fall.

The average hashrate of BTC fell last week, and the hashrate of BTC averaged 53.9763 (THash/s) for last week, up 8.37% from two weeks ago. Hashrate of ETH declines, the average hash rate of ETH is 249.2412 (MHash/s), which is 2.30% lower than the data two weeks ago.

The trends of mining difficulty of BTC and ETH are as follows:

BTC prices continue to fluctuate below $6,400. The average difficulty of mining per day doesn’t change much this week compared with that of last week. It was 7.184T in BTC, which only floated up 0.01% from the previous week. Meanwhile, this data of Eth has declined slightly, with the weekly average from 3.110P to 3.051P, a decrease of 1.90% from two weeks ago. From the mining revenue angle, the average mining income of Bitcoin’s weekly computing unit (1THash/s) was about 0.222 US dollars, down 3.65% from two weeks ago. At the same time, the mining revenue of Ethereum was with a dip of 0.32%. The average revenue of Ethereum’s weekly computing unit (1MHash/s) was about US$0.0178.

The average transaction fee for Bitcoin showed a decline of 9.51% which sticks to the ongoing trends for the last two weeks, with an average transaction cost of $0.394. Ethereum transaction costs also fell by 10.26 %, compared to its data two weeks ago,and the average transaction cost of Ethereum last week was $0.145.

Based on the major mining data indicators of BTC and ETH, combined with the data of the exchanges and the market, most of the trading volume of the major cryptocurrencies in the market has a different degree of increases compared with data from the previous week.

Blockchain Week in Review

Global News

  1. The First Official Cryptocurrency Exchange to be Registered in UAE
  2. Bitstamp CEO Confirms South Korean Company Acquired Exchange
  3. SEC Report: Reducing Cryptocurrency Scams Among Their Top Priorities
  4. Hong Kong Stock Exchange Partners With Blockchain Firm to Improve Post-Trade Process
  5. People’s Bank of China Includes Crypto Token Airdrops in Its Anti-ICO Stance
  6. Venezuela’s Supreme Court of Justice Recognized Petro Cryptocurrency as Legal Tender

Industry News

  1. Tether Confirms That It Is Banking With Bahamas-based Deltec
  2. Coinbase Approved to Offer Crypto Custody Services in New York
  3. Microsoft to Integrate Blockchain Offering Into Nasdaq Services Following New Partnership
  4. Baidu Set To Be the Global Leader in Blockchain and AI Technologies
  5. JD.com Said that it is going to Opening a Joint Research Lab with NJIT